When an item spoils or otherwise doesn’t sell, it represents wasted money for a business. The good news is that technology is making it less likely that inventory is lost to waste. Let’s take a look at some specific ways in which companies can be more efficient with the products that they have for sale.
Use Predictive Sales Tools
Predictive sales tools can determine what a customer is going to do before they do it. According to Altify, these tools can help a company can know what type of product a person will buy, how much of that product they’ll get, and when their transaction is most likely to occur. Therefore, businesses of all kinds can adjust their offerings accordingly and only order what they will actually sell from suppliers.
Use Business Automation Software
According to Tigerpaw, “With the asset management feature within business automation software, you can view the lifespan of every single item that you have in stock or even receive alerts when things are in inventory greater than six months with no sales. Incorporating serial numbers can also ensure that the oldest items leave the warehouse first.” The best reason to have an asset-management system is that it allows you to track a product throughout its lifetime. By keeping track of your inventory at all times, it is less likely that you lose items or try to sell things that are obsolete or otherwise of low quality.
Implement a Labeling System
Labeling a storeroom or sales floor can make it easier to put inventory where it is supposed to go. For instance, by having specific areas for meat, produce and dairy products, those items can be stored in places that meet temperature and lighting requirements. It also reduces the chances of these items contaminating each other through improper storage habits. Labels can be created digitally and sent to all of your store or warehouse locations. Orgaznied and properly labeled products can also save you money. As Elite Ops points out, a disorganized warehouse often leads to overstocking and understocking, as well as wasted time frying to figure out your inventory.
Use Security Tags to Prevent Theft
Installing security tags on an item will prevent it from being taken out of the store without permission. Depending on the needs of the company, it can create a loud noise if an item is taken away before a person pays for it. According to Trustify, it’s a good idea to attach a GPS to boats or vehicles that are typically taken on test drives before a customer buys them.
For any business, lost or spoiled inventory represents money that can’t be reinvested into the company. Therefore, it is essential to have a system that allows companies to keep track of every item that it wants to sell. By staying organized, managers and owners won’t spend money on things they can’t sell or that otherwise would do nothing but take up valuable space.
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